Pak Suzuki’s profits up by 134% to Rs2.4b in six months

LAHORE: Pak Suzuki Motor Company has posted 134 per cent increase in profits due to higher sales in the first six months of calendar year 2015.

According to the official statement, the net profit for the car manufacturer stood at Rs2.4 billion for January-June as a result of a 37% rise in sales that amounted to almost Rs40 billion.

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Shajar Capital attributed the increase of over one-third in the company’s topline to the sale of over 59,000 units, up almost 47% from the number of units sold in the first six months of 2014.

“The Punjab taxi scheme led higher growth in Ravi (up 138% year-on-year) and Bolan (up 124% year-on-year) while Suzuki Wagon recorded 118% uptick in sales during the period. However, Swift, Cultus and Mehran registered about 33%, 3% and 9% growth, respectively, in Jan-Jun year-on-year,” it said.

The gross margin was 12.7% in Jan-Jun on the back of lower steel prices, consistent rupee-dollar parity and weaker Japanese yen, it added.